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Summary
ZeroGeo Energy GmbH (ZGS) and Sage Geosystems Inc. (Sage) announce a Joint Venture Agreement (JVA) to jointly engage in the business of energy storage in the earth and/or geothermal baseload energy (district heating or electricity generation) in Europe under the name TerraThermo GmbH.
Solar power in Europe soared by almost 50% in 2022 and it is estimated that wind and solar power make-up approximately 25% of Europe's electricity mix since start of the war in Ukraine. This increase in renewables is reflective of Europe moving away from their dependence on Russian natural gas. Energy storage solutions are needed to help manage supply and demand with these intermittent power sources and geothermal storage is a clean and renewable solution that not only stores power but generates additional energy in the form of heat during the storage period.
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